Opec-Plus Output Far Short of Mark

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Opec-plus, including non-quota members like Iran and Mexico, produced 43.79 million b/d of crude oil in January, a 190,000 b/d gain on December, according to Energy Intelligence's assessment. The 19 countries with a quota managed 37.82 million b/d, which is only 140,000 b/d over December, even though the alliance's deal calls for incremental monthly additions of 400,000 b/d. More countries, including majors like Russia and Iraq, are hitting a wall on production after a pandemic-triggered pause in investments. As a result, January output by the Opec-plus 19 was 921,000 b/d short of the required target of 38.74 million b/d, a gap that is poised to grow in coming months.

Crude Oil, Oil Supply, Opec-Plus Supply
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